Hello, dear friends, what are your thoughts on USDJPY?
In a sharp contrast to its counterparts like EURUSD and GBPUSD, USDJPY has been bearing the brunt of severe downward pressure, with its value diminishing further on Thursday. Currently, this currency pair is hovering around the 148.50 mark, shedding 0.56% over the day.
This pair finds itself in troubled waters as the US Dollar weakens amidst growing market speculation about an imminent interest rate cut by the Federal Reserve in their June policy meeting.
From a technical analysis perspective:
The pair seems to be navigating towards the 148.10 support level. There might be a chance for a rebound from this point, but it's unlikely to be sustained for long as the 34 EMA signal has started to invert and USDJPY has breached the firmly held 149.700 support level.
I anticipate the price movement to align with this analysis, but what about you?
In a sharp contrast to its counterparts like EURUSD and GBPUSD, USDJPY has been bearing the brunt of severe downward pressure, with its value diminishing further on Thursday. Currently, this currency pair is hovering around the 148.50 mark, shedding 0.56% over the day.
This pair finds itself in troubled waters as the US Dollar weakens amidst growing market speculation about an imminent interest rate cut by the Federal Reserve in their June policy meeting.
From a technical analysis perspective:
The pair seems to be navigating towards the 148.10 support level. There might be a chance for a rebound from this point, but it's unlikely to be sustained for long as the 34 EMA signal has started to invert and USDJPY has breached the firmly held 149.700 support level.
I anticipate the price movement to align with this analysis, but what about you?
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